Life insurance is one of the most important investments you will make in your lifetime, so you need to make sure that you are choosing the right one. SuggestInsurance.Com can guide you through the process of comparing life insurance plans in India so you can get the best policy for your lifestyle and your beneficiaries. These tips should help you avoid the typical pitfalls that are involved when you compare and choose life insurance plans in India:
1. Shop around
Get insurance quotes from SuggestInsurance.Com. With our help, you can acquire rates from different insurance companies in India in one go. This can help you save time and effort when you do not have to contact insurance companies one by one. Once you have the quotes, compare the offers of different life insurance providers.
2. Work with an online insurance consultation firm
Looking for information on insurance plans and companies can become confusing and can take a lot of time. Online portals like SuggestInsurance.com offers more transparency when it comes to insurance and different providers, so you can easily understand the complexities of life insurance in terms of premiums, exclusions, the benefits of the plans, and eligibility, and be able to make more informed decisions.
3. Be honest
Never lie about your hobbies, lifestyle, age, and health conditions. Insurance companies take a look at those factors to give you the most ideal and accurate quote and features they can provide. If you lie about those things and you die, your family may not receive the death benefit. Insurance is the contract based on the principle of utmost good faith both for insurer and insured.
4. Understand what different types of policies can offer
Term life insurance policies in India can offer different levels of protection to you and your beneficiaries. A pure term plan, for instance, is a policy that offers only life protection. Hence, if you survive the policy period, it terminates without paying anything to you. However, you can always renew or buy a new one if it expires or terminates.
A term plan with return of premium (TROP) pays the paid premiums on maturity if you survive the policy period. A term plan that comes with a monthly income provides a lump sum payment to your beneficiary if you die, and pre-determined monthly payouts will continue for a specific period of time. A term plan with an increasing monthly income will pay the agreed sum of money to the beneficiary along with increasing monthly payouts for a given period to go with the inflation.
About the Author
Suggestinsurance.com is the online identity for IRDAI approved insurance broker – S B Insurance Brokers Pvt. Ltd. On SuggestInsurance.com, we offer quotes from leading insurance companies and let the customer explore the insurance plans, get their details, view and study brochure and other documents, compare features and benefits of these plans side by side and then take a decision.